Several teams have locked up franchise quarterbacks ahead of training camp this year. Add the Atlanta Falcons to that list.

NFL.com's Ian Rapoport reported Thursday that Matt Ryan and the Falcons have agreed on a five-year extension worth $103.75 million. The deal includes $59 million guaranteed and $63 million in the first three years. ESPN's Chris Mortensen was the first to report.

Ryan had been set to enter the final season of the rookie contract he signed with the team after being selected in third overall in the 2008 NFL Draft. If he plays out the life of his new deal Ryan is line to be a free agent again when he is 32 years old.

Ryan is coming off the best season of his career. He threw for more than 4700 yards with 32 touchdowns and 14 interceptions and a passer rating of 99.1. Ryan led the Falcons to the best record in the NFC before securing the first playoff win of his career. The Falcons were eliminated in a narrow NFC Championship Game loss to the San Francisco 49ers.

The Ravens cost themselves millions by allowing Joe Flacco to play out the final year of his contract in 2012. The Falcons didn't take any chances with Ryan a franchise star who should help keep them competitive for years to come.